The importance of long-term care insurance
The numbers underscore the need. The U.S. Department of Health and Human Services estimates that those age 65 and older have a 70% chance of needing long-term care services at some point. And many people are also aware of the need to address this issue: 63% of Americans say they need long-term care insurance, according to the 2014 Insurance Barometer Study that Life Happens and LIMRA conducted. However—and here’s the catch—only 13% own it.
Everybodys talking about LTC